5 Funeral tips you can take to the bank
Where do you start?
Funerals are expensive and can set your family back by between R15 000 and R60 000. For most, that kind of money is not readily and easily available. This is why having a funeral cover plan is important. While this advice may not be new to you, few really know what this plan is for.
What should a funeral plan cover?
It’s vital to ask this question. There are various funeral plan options on the market, from insurance provider offerings to banking service funeral plans, and knowing which one to choose could get confusing.
Look out for these 5 things when choosing a funeral cover plan:
- The added benefits – i.e. whether or not it includes things like; memorial benefits, tombstone benefits, grocery benefits, counselling for loved ones, etc.
- The claims pay-out period – This is important to know, as the last thing you want is for your family to be without the necessary funds due to a delay in the pay-out process.
- Monthly premiums – Knowing how much you would be paying monthly for the plan, would assist you in comparing it with other available cover options, in making sure you get the best cover according to your needs and pocket.
4. Cancellation terms – It is always wise to have an understanding of the cancellation terms and fees, as it can save you many headaches later should you at any stage want to cancel your policy.
5. Beneficiary process – It is always useful to know how to manage your beneficiary portfolio, in other words who will receive the money when you die. Find out how many beneficiaries the plan allows for, how to add them, remove them and what the process entails.
Your loved ones need to know about the policy and the processes behind ensuring that they are fully compensated. This should additionally be documented and kept safe, and again they should be fully aware of where you are keeping it.
Another necessary conversation needs to be around your will. They need to know who has a copy of it as it should lay out your wishes for your passing and who you want to administer your estate. It should also outline your wishes for the funeral itself.
At the end of the day dealing with a death is a tough thing to do. So tough, that you’d want to do everything you possibly can to take the financial stress off of your family.
Until next time,
The MoneyShop.co.za Team